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U.S. Bank Home Mortgage Responds to Customer Demand with 10-Year Mortgage at a Discounted Rate

MINNEAPOLIS, May 15, 2003 (BUSINESS WIRE) -- As the home refinancing market continues to boom, U.S. Bank Home Mortgage has introduced a new 10-year fixed-rate mortgage with a lower interest rate than the standard 15-year fixed mortgage. Although rates are subject to change, the interest rate on a 10-year loan through U.S. Bank Home Mortgage is currently 0.375 percent less than the rate on the 15-year mortgage.

The new program is in response to customer interest in shorter-term loans, which came as a bit of a surprise to U.S. Bank executives.

"We're seeing that with the war, recession and general economic uncertainty, many of our 15-year mortgage customers are opting to refinance into a 10-year mortgage in order to pay off their houses sooner and have that added security," said Dan Arrigoni, president of U.S. Bank Home Mortgage.

A 10-year mortgage with a discounted interest rate is rare, according to Arrigoni, as many mortgage companies will offer a 10-year loan but at the same rate as a 15-year mortgage. He also said the interest in this product shows continued tendency to refinance, which many expected to plateau in 2003.

The 10-year mortgage is the latest in a series of mortgage innovations recently announced by U.S. Bank Home Mortgage, which originates mortgage loans in all 50 states. In February, the company introduced the Payment Buster Home Mortgage, in which the bank pays for the homeowner's mortgage insurance and offers a lower monthly payment plus a one-percent discount on the interest rate for the first year of the loan. Since its introduction, the Payment Buster has exceeded expectations with record bookings in March and again in April.

U.S. Bank Home Mortgage is part of U.S. Bank, which is a subsidiary of U.S. Bancorp. With assets in excess of $182 billion, U.S. Bancorp is the 8th largest financial services holding company in the United States. The company operates 2,200 banking offices and 4,582 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. Visit U.S. Bancorp on the web at usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank
                  Teri Charest, 612/303-0732

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SOURCE: U.S. Bank

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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